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India's GDP to contract 6.1% in FY21 due to Covid-19: Nomura

Jul 22, 2020 12:10 IST

Economic activity continues to remain weak and will lead to a 6.1% contraction in India's GDP in the current fiscal, Nomura said on Tuesday. The Reserve Bank is likely to pause at the upcoming policy review in August and cut rates by 25 basis points each in the October and December reviews, the Japanese brokerage firm said in a report. All the analysts expect a contraction in the GDP due to the Covid-19 pandemic, which has impacted both supply and demand forces in the economy since March. Official data also suggests a surge in inflation, which will further drag down the GDP in real terms, the report mentioned.

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